Strategy And Resources: Nurturing Resources for Business Growth
According to the resource-based view of strategic management, a firm can gain a competitive advantage by gaining access to strategic resources. This begs the question of what a strategic resource is. When developing a firm's strategy, managers should understand the three basic strategic resources and how they can be used.
Human Resources: A firm's human resources are, quite simply, the employees that it has at its disposal.
Capital Resources: Capital resources are resources that a company uses in the production of goods such as factories and equipment.
Natural Resources: Natural resources are resources that naturally exist in the environment, such as oil, freshwater, minerals, or arable land.
Managing Resources: To be successful, firms must manage and balance all three strategic resources. It is not enough to have access to just one resource.
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